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ES #F 2458 holding

The eSignal Elliott wave tool show a completed wave 4 on the last swing high which is also a Smart money up bar. The 2458 level is holding so far with a strong resistance zone around 2461.50 to 2465 above. The Volume Simplified Oscillator show divergence to the down side, so we can expect a pullback. With more Selling pressure the 2449.25 to 2443.75 area should come into play. The total Elliott wave pattern picture has weakened (good economic data released has given the market a push to the up side), but if price stay below 2458 a swing low at 2406 is still possible. Watch the $VIX for a push to the upside (and the 11 level holding) and more Selling pressure developing for a down move. If this scenario does not materialise and the $VIX goes down further, we might see a run up aiming at a new high.


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